In the first three quarters, trillions of yuan in capital poured into the equity investment market.

In the first three quarters of 2026, several core indicators in the domestic primary market showed recovery, and behind the industry recovery, structural differentiation is very prominent. Data from ZERONE shows that in the first three quarters of 2026, the subscribed capital scale of institutional LPs reached RMB 1.02 trillion, with 10,327 contribution transactions, already exceeding the full-year level of 2025 and up 43% year on year; on the investment side, a cumulative 10,810 projects received investment in the first three quarters of 2026, exceeding the full-year level of 2025 by 1.6%; financing events totaled 11,197, equivalent to 95.1% of the full-year total in 2025. The other side of rising market heat is a highly differentiated industry landscape. Capital continues to tilt toward popular tracks: artificial intelligence leads by a wide margin with RMB 203.5 billion in financing, followed by robotics and software and information services with RMB 87.5 billion and RMB 87.4 billion, respectively.